INFORMATION #2 EDSR 11-10-2008INFORMATI®N
mover
MEMORANDUM
TO: Econo c Development Authority
FROM: An ie c ert, Economic Development Assistant
DATE: 10 November 2008
SUBJECT: Elk River Companies, Quality Label and Cymbet recognized
QUALITY LABEL
The MN Business Journal recently ranked Quality Label & Barcoding Inc. the 35`h fastest
growing private company in MN. Companies are ranks by their revenue growth over
the past three years.
Quality Label is a family owned printing firm founded in 2002. Employing 40 people,
Quality Label offers a wide array of labeling options from flexographic labels to
consecutive bar coding and is currently growing at a rate of 77.3 I%
CYMBET CORPORATION
This year, Cymbet Corporation was the recipient of the 2008 Advanced Manufacturing
Tekne Award for a small and growing company. This award is presented to companies
that have excelled in the production of advanced materials and chemicals, machinery and
equipment, electronics and components, measuring instruments, photonics, optics and
lasers, computer and peripheral equipment (www.tekneawards.org)
Founded in 2000, Cymbet is a leader in thin film battery technology and energy
harvesting power management solutions. They have developed a unique approach to
assemble and manufacture the Cymbet EnerChip in high volumes. This is a new
innovation in energy management and storage battery that provides convenient storage
in a form factor. They provide back-up power which can last up to several weeks
depending on the stand-by current requirements of the system.
Attachments
• "Fastest growing Private Companies" Minneapolis/St. Paul Business Journal
• 2008 Tekne Awards Annoucement
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BUSINESS JOURNAL v.::~w~,u ~.:.. ~.. ~~ ~.,.~ ..~xw,..:. ~~_ <:~;
Fast '
est- rowan Private Coma
g g p noes ~r
26 Minneapolis/St. Paul Business Journal ~ mspbj.com October 2a, 2ooe
Metro-area private companies ranked by rate of revenue growth Research by Virchow Krause & Co.
2007 Revenue 2007'
Rank
Rank Name/Address/Phone Growth
rate' Revenue 2006'
Revenue 20052 Business description' Employees Top metro executive
Year found ed Web site
26 Bay West Inc.
NR 5 Empire Drive $25,685,560 Performs remediation/investigation, emergency spill
St. Paul, MN 55103 (651) 291-0456 95.15% $19,528,282
$13,162,151 response, engineering, industrial cleaning and waste
management for government and commercial clients 1 10
1974 Lon Larson
baywest.com
27 DDL Inc.
NR 10200 Valley View Road, Suite 101
89
13% $6,139,005
$4
156
495 Testing services provider for the medical device
i
d
59
J
h
H
Eden Prairie, MN 55344 (952) 941-9226 . ,
,
$3,245,879 n
ustry, with labs in Eden Prairie, New Jersey and
Los Angeles
1990 o
n
art
testedandproven.com
nParallel $12,049,161
28 50 13120 County Road 6 87.04% $7,644,100 Designs, crafts and manages retail store fixtures, 28 Megan Diamond
Plymouth, MN 55441 (763) 231-4800 $6,442,044 Product displays and tradeshow exhibits 2003 nparallel.com
Restaurant Technologies inc. $191,741,000
29 46 371 1 Kennebec Drive 86.88% $138,647,000 Installation of cooking oil management systems and 526 Jeff Kiesel
Eagan, MN 55122 (651) 796-1600 $102,612,000 sale of bulk cooking oil 1996 rti-inc.com
3o A'viands Food & Services Management
NR 1751 W. County Road B
84 $62,925,314 Food, dietary and dining services management for
Roseville
MN 55113 (651) 631-0940 ,88% $50,487,045 health care, educational, business dining, residential 1,100 Perry Rynders
, $34,035,223 and correctional facilities 2003 aviands.com
3 ~ Micromedics Inc.
NR 1270 Eagan Industrial Road $12,848,399 Mfrs. instruments for ENT surgery; device for treating
St. Paul, MN 55121 (651) 452-1977 83.12% $9,800,654
$7
016
537 ear problems; ear care/protection products; surgical
i
t 70
1982 Curt Miller
i
di
,
, ns
rument organization and protection systems m
crome
cs-usacom
Prime Therapeutics $913,548
960
32 NR 1305 Corporate Center Drive
Eagan
MN 55121 (651) 414-1863 82.90% ,
$619,207,878 A pharmacy benefits management company 2,100 Timothy Dickman
, $499,484,031 1987 primetherapeutics.com
I See Me! Inc. $4,885
878
33 22 4305 Chimo E. St.
Deephaven
MN 55391 (877) 281-0536 81.20% ,
$4,491,206 Sells personalized children's books and gifts 3 Maia Haag
, $2,696,363 1998 iseeme.com
34 Third Wave Systems Inc.
49 7900 W 78th St
Suite 300 $5,543,263 Develops modeling software to reduce lifecycle costs
.,
Edina
MN 55439 (952) 832-5515 79.72% $4,070,737 and time to market for machined components in 25 Kerry Marusich
, $3,084,325 aerospace, automotive and cutting tool markets 1993 thirdwavesys.com
quality Label and Barcoding Inc. $6,126,426
35
6 17823 Industrial Circle N.W.
77.54%
$5,415,606
Flexographic label, tag and magnet converter
40 Chad Johnson, Jon
Elk River, MN 55330 (763) 862-1285
$3,450,689
2002 Jacobs
Swat Solutions Inc.
$7,297
907 glabel.com
3 6 33 10700 Highway 55, Suite 310
Plymouth
MN 55441 (763) 550-0200 77.52% ,
$5,305,535 Afull-service, professional software services provider 73 Dave Steingart
, $4,1 1 1,076 1997 swatsolutions.com
Solution Design Group Inc. $7,028
267
37 NR 10275 Wayzata Blvd., Suite 300 77.31% ,
$5,126,087 An IT consulting and software application 51 Keith Martin
Minnetonka, MN 55305 (952) 278-2500 $3,963,796 development firm 1989 solutiondesign.com
Dyvig, Driver, Devine Inc.° $16,133,577
38 43 401 N. Third St., Suite 480
Minneapolis
MN 55401 (612) 436-0322 77.18% $11,008,084 Full-service direct-marketing and graphic-design firm 15 See footnote9
, $9,106,726 2000 dtrio.com
StarchTech Inc. $9,395,960
39 39 720 Florida Ave. S. 72.45% $7,214,160 Manufacturer of an environmentally friendly, 30 Edward Boehmer
Golden Valley, MN 55426 (763) 545-5400 $5,448,522 biodegradable, starch-based packaging material 1996 starchtech.com
Milestone Systems Inc. $23,492,642
4o 48 8401 Golden Valley Road, Suite 300 72.23% $18;437,361 Provides solutions that ensure high availability and 33 Mike Kohler
Golden Valley, MN 55427 (763) 404-6200 $13,639,935 security for mission-critical applications 2000 milestonesystems.com
Public Affairs Co. $4,377,680
4 ~ 18 380 Jackson St., Suite 430 69.43% $3,261,415 Public-affairs firm specializing in issue advocacy, 14 Steve Knuth
St. Paul, MN 55101 (651) 225-8449 $2,583,697 Public relations and grassroots communications 2003 pubaffairsco.com
ILM Professional Services Inc. $3,305
955
42 28 4445 W. 77th St., Suite 140
Edina, MN 55435 (952) 960-2220 68.26% ,
$3,241,384 An IT solutions development firm 30 Farhan Muhammad
$1,964,813 2002 ilmservice.com
43 McKinley Group Inc.
15 601 Carlson Parkway
Suite 425
8 $9,071,956 Executive search firm specializing in placing sales
,
Minnetonka, MN 55305 (952) 767 1 130 7.68% $7,364,394
$5,410,370 executives and marketing, accounting and finance,
engineering and IT professionals 76
2001 Paul Beard
mckinleygroupinc.com
Digineerinc. $12,851
239
44 14 505 N. Highway 169, Suite 750 65.37% ,
$12,042,084 Provides IT and management consulting services for 99 Michael Lacey
Plymouth, MN 55441 (763) 210-2300 $7771 259 medium and large organizations 1998 digineeccom
Hollstadt & Associates Inc. $22,049
013
45 42 200 E. Travelers Trail, Suite 200
Burnsville, MN 55337 (952) 892-3660 83.79% ,
$19,483,946 Technology and management consulting firm 1 1 1 Rachel Hollstadt
$13,462,100 1990 hollstadt.com
46 Venture Bancshares Inc.10
25 5601 Green Valley Drive
Suite 120
82 $16,61 1,035 Commercial bank serving small- to medium-sized
,
Bloomington, MN 55437 (952) 830-9999 .31% $13,650,365 businesses with products and services designed to 52 Michael Zenk
$10,233,936 meet their needs 2001 venturebankonline.com
47 JobDig Inc.
NR 10300 Valley View Road
Suite 101 $5,619,448 Publisher of weekly employment newspaper through
,
Eden Prairie, MN 55344 (952) 277-4516 59.80% $4,732,957 15 editions in 14 states; also operates jobdig.com, an 83 Toby Dayton
$3,521,050 employment-related Web site 2003 jobdig.com
48 Seacole-CRC"
NR 702 S. Seventh St.
5 $17,752,770 A formulator, blender and distributor of s ecialt
P Y
Gregg Elliott
Delano, MN 55328 (763) 479-6525 8.84% $12,620,802
$1 1,176,848 chemicals; target industries include electronics, metal
finishing, personal care and transportation 44
2002 seacole.com, chchemical.
Verifications Inc.
$65
316
787
' com
49 24 6900 Wedgwood Road N., Suite 120 57.88% ,
,
$58,519,094 Employment-screening and applicant-processing 645 Curt Marks
Maple Grove, MN 5531 1 (763) 420-0600 $41 371 176 services 1988 verificationsinc.com
5o Paisley
34 17400 Medina Road, Suite 850
58,17°h $36,007,629
$33,299
306
Software vendor that provides solutions for
230
Tim Welu
Plymouth, MN 55447 (763) 450-4700 ,
$23,056,236 governance, risk and compliance 1995 paisley.com
REVENUE
TRACKING
The Business Journal ranks
the Fast 50 by revenue
growth over three years,
so actual revenue of its list
makers fluctuates greatly in
any given year.
Combined revenue
of all 50 companies:
2004 $1.63 billion
2005 $1.74 billion
2006 $1.07 billion
2007 $1.55 billion
2008 $1.99 billion
Combined revenue
of the top 10:
2004 $278.3 million
2005 $1776 million
2006 $145.9 million
2007 $206.8 million
2008 $214.7 million
No.1 companies'
revenue:
2004 $5.9 million
2005 $22.1 million
2006 $55.6 million
2007 $12 million
2008 $13.1 million
FOOTNOTES
Abbreviations:
Mfrs. =Manufactures
NH =Not ranked
Footnotes:
}. The increase was calculated by
taking the most recently completed
fiscal year-end revenue, subtracting
the revenue from two years prior (the
base year) and dividkrg by the base
year. Percentages were rounded to the
nearest 100th.
2. For companies with fiscal year ends
on or before June 30, the calculation
was figured with 2006, 2007 and 2008
revenues.
3. May be edited to fit
8. Does business as d.Vio marketing group
9. Fred Driver, Maureen Dyvig, Megan
Devine
10.Ooes business as Venture Bank
11. Does business as SeacoleCRC and
SeacolC&H
Notes:
-Private companies headquartered in
the 11-county metro area had to meet
the following criteria to be considered
for inclusion an this list:
• Provide financial data far the three
most recently completed fiscal years ~ '
• Have at least $1 million in revenue
in the first of the three most recently
completed fiscal years ~' '
• Have consecutive revenue growth
during the next two years
-Growth rates and financial informs- I
:ion were verified by Virchow Krause & ~
:o., Bloomington
iource: Company representalNes
2008 Tekne Awards Page 1 of 3
The Recipients j :vent peta~IS ~ Award Finalists ~ 8pansors ~ (.;uniact Information NominatiunsiF,pplications , fibout lhs nward
Tekne Awards: October 30, 2008 -Minneapolis Convention Center
2008 Tekne Awards Celebrate
Best and Brightest in Minnesota Technology and Innovation
Minnesota High Tech Association announces
recipients of the state's most prominent technology awards
MINNEAPOLIS, Oct. 31, 2008 -The Minnesota High Tech Association (MHTA), in partnership with Enterprise
Minnesota and LifeScience Alley, celebrated Minnesota's status as a hub for technology innovation with the 2008
Tekne Awazds last night at the Minneapolis Convention Center. The Tekne Awazds acknowledged companies and
individuals who have demonstrated superior technology advancement and leadership in Minnesota.
"This year's recipients are outstanding examples of innovation and leadership," said Kate Rubin, president, MHTA.
"All of tonight's finalists and recipients aze helping to secure Minnesota's place as a center of innovation in the global
economy. We aze proud to recognize these exceptional nonprofit, business and individual leaders."
The evening also featured the induction of the first class to the Minnesota Science and Technology Hall of Fame, a
partnership between MHTA and the Science Museum of Minnesota.
Created for and inspired by heroes in the realms of science and technology, the Minnesota Science and Technology
r:: zcne r~:;~~_: n.wam: Hall of Fame honors Minnesotans whose achievements in science and technology have made a lasting impact not only
^r,~b,aa; poxe? ,d by to the state of Minnesota, but globally as well.
rt ""0 Judges selected one recipient out of the three finalists in each of 17 Tekne Awazds categories recognizing the best and
brightest in development, education, commercialization and management of technology. Company awazds included
separate categories for small and growing businesses (with annual revenues under $50 million) and established
businesses (with annual revenues of $50 million or more). In addition, two new awazds were presented this year:
Technology Executive of the Year Awazd and Cleantech Awazd.
The complete listing of 2008 Tekne Awards categories and recipients includes:
CLEANTECH AWARD
One of two new awards in 2008, the Cleantech Awazd recognizes businesses that manufacture environmentally sound
products or solutions that reduce costs, inputs, energy consumption, waste or pollution.
• Cleantech Award recipient is Minneapolis-based Tennant Company. Tennant Company floor-cleaning
technology bypasses the environmental footprint associated with processing, transporting, packaging and
disposing of conventional chemical cleaning products. The ec-H20 floor machines require no chemical additives
and use 70 percent less water than traditional machines.
TECHNOLOGY EXECUTIVE OF THE YEAR AWARD
Also presented for the first time is the Technology Executive of the Year Award, which honors individual members of
executive teams who aze responsible for the advancement of technology and technology strategy within a company or
organization.
. Small and growing company recipient is Patrick Guire, president of St. Paul-based Innovative Surface
Technologies. Dr. Guire has dedicated decades of work to the reseazch and development of innovative coating
technologies, helping to launch the ever-growing drug eluting scent market and making a significant mazk on
worldwide cardiac caze. The technology has been diversified and proven useful in many different capacities,
including macular degeneration and satellite rain. In addition to the Tekne Awazd, Dr. Guire will receive a
Minnesota Community Scholarship from the Harvard Club of Minnesota Foundation. This award consists of a
stipend of up to $4,000 dollazs to be applied towards an executive education program at Harvazd University.
. Established company recipient is Rick King, chiefoperations officer of Eagan-based Thomson Reuters. [n
2007, King commissioned a $55 million state-of--the-art data center, which enables product technology
development and creates company savings in operating expenses of $17 million annually. He is a longtime
advocate of STEM (Science, Technology, Engineering, & Math) education, and was recently asked by Governor
Tim Pawlenty to be the chair of the Minnesota Broadband Task Force.
ADVANCED MANUFACTURING AWARD
The Advanced Manufacturing Award is presented to companies that have excelled in the production of advanced
materials and chemicals, machinery and equipment, electronics and components, measuring instruments, photonics,
optics and lasers, computer and peripheral equipment.
~~ Small and growing company recipient is Cymbet Corporation of Elk River. The EnerChip is the company's
awazd-winning, thin-film, solid-state battery and a huge achievement in renewable energy. The energy-
=..,,, ~ harvesting module generates no hazardous waste, is compatible with solar, thermal and electromagnetic energy,
V and is highly applicable to different markets such as patient-monitoring and wireless sensor networks.
http://www.tekneawards.org/ 11 /5/2008
2008 Tekne Awards
Page 2 of 3
. Established company recipient is St. Paul-based 3M. The Clean Standing System was developed by the 3M
Abrasive Systems Division in order to remove dust and debris during the process of modifying surfaces with
abrasives. While conventional abrasive disks become clogged, this product removes debris as it is generated,
thus reducing the consumable cost of parts per disk and cutting down on disposed disks as a whole. Because the
technology is applicable to a multitude of trades, from boat building to drywall sanding, the system serves a
diverse worldwide mazket.
BIOTECHNOLOGY AWARD
The Biotechnology Award is presented to a company that excels in the field of agriculture, food science and
pharmaceuticals.
. Biotechnology Award recipient is Syntiron, based in St. Paul. Using a breakthrough technology designed to
recognize key proteins in the body, "siderophore receptor proteins" (SRP), it provides a method to better treat
strain-to-strain variations of infections. Syntiron is diligently working toward being able to use SRP technology
to prevent virtually all bacterial infections.
IT-SOFTWARE 8~ HARDWARE, COMMUNICATIONS AND INFRASTRUCTURE AWARD
This award is presented to companies that have shown great success on software and hazdwaze (Web-based software,
Web 2.0, etc.), networking, communications and wireless equipment and products.
. Small and growing company recipient is 7 Medical Systems, LLC. Minneapolis-based 7 Medical Systems has
developed acost-effective, on-demand software-as-a-service model for electronic medical records and digital
imaging, allowing healthcare organizations to avoid the high cost of upgrading from traditional paper records.
The pay-as-you-go method incurs smaller monthly fees, reducing costs by up to 70 percent.
. Established company recipient is IBM Rochester. IBM Rochester has achieved a breakthrough in
supercomputing, which has been likened to an achievement on the level of breaking the sound barrier The
company's hybrid computing model, Roadrunner, was designed, developed and manufactured at IBM, and is the
world's first computer to break the petaflop barrier. There are currently I S U.S. patents pending for the
Roadrunner, which has set a new standard for the supercomputer.
MEDICAL TECHNOLOGY AWARD
The Medical Technology Awazds acknowledge companies excelling in production of devices, diagnostics and
equipment relating to the medical field.
. Small and growing company recipient is St. Paul-based Minnetronix Inc. Mitmetronix creates aclose-knit
relationship between the engineering and manufacturing aspects of developing medical technology. The
company specializes in Class It and Class Ill medical equipment, from implantable devices such as nerve
stimulators to point-of--care diagnostic systems. Since 1996, the company has completed over 100 development
and manufacturing projects for upwards of 75 different medical device corporations.
. Established comparry recipient is Starkey Labs of Eden Prairie. The company has created an innovative hearing
device, The Zon, that defies stigmas and maximizes user comfort and benefit. The product's radically simple
design is physically and aesthetically pleasing, completely water resistant and cuts down significantly on the
need for user adjustment. It also assists clinical audiologists through integrated calibration and eaz measurement
procedures, which eliminates the need for additional clinical equipment.
TECHNOLOGY SERVICES AWARD
The Technology Services Award honors companies that succeed in innovative development and/or delivery of
technology services, including consulting services, service providers and software as a service.
. Small and growing comparry recipient is TIES of St. Paul. FeePay, developed by TIES, allows pazents of
students to pay lunch money, event fees and more through an online system seamlessly linked to each school's
finance system. The application saves school districts significant time and reduces costs by eliminating the
tedious process of handling cash and checks. Already employed in 250 districts across 40 states, this system
employs a clever structure to make the lives of parents and teachers much more convenient.
. Established company recipient is GE Capital Solutions Fleet Services. GE is taking fuel efficiency and
connectivity to the next level with their new V6 Internet protocol. The comprehensive management-reporting
suite provides insight and data into vehicle use, condition and location. As an in-vehicle telematics device, the
wireless communication protocol is entirely hosted by a multi-homed Network Operations Center. As high gas
prices force companies to look more seriously into telematics solutions, GE is providing consistent double-digit
improvements in reduced accident rates, fuel efficiency, customer retention and reduced carbon emissions. With
a mazket of over 17 million commercial vehicles, the GE telematic solution has vast growth potential.
TECHNOLOGY USER AWARD
The Technology User Award recipient has shown innovative application of products or services resulting in dramatic
business improvement or market advantage.
. Technology UserAward recipient is National Marrow Donor Program. The Minneapolis-based National
Marrow Donor Program (NMDP) is working to save lives through cellular transplantation -science, service and
support. Created in 1987, the NMDP is a global cornerstone of donor service and blood-type matching
technology. DNA halotype analysis uses mathematical models and advanced algorithms to predict match
probability. With I 1 million donors and 290,000 core blood units, NMDP provides a unique one-point access to
donors. In 2007, the program saw a 15 percent increase in transplants, and since its inception has facilitated over
30,000 transplants worldwide.
http://www.tekneawards.org/ 11 /5/2008
2008 Tekne Awards
Page 3 of 3
GREEN AWARD
The Green Award honors businesses that practice environmental awazeness/responsibility and incorporate
sustainability principles into their overall business model.
• Small and growing comparry recipient is Landscape Structures. Landscape Structures, located in Delano, is a
leading manufacturer of commercial playground equipment. The company has long been dedicated to providing
healthier, more environmentally responsible playgrounds through refining their development and manufacturing
processes. Each of their manufacturing facilities hosts a "Green Board," which is used by employees to post
daily updates on environmental challenges and delivers monthly progress presentations to management. The
integration of green principles into every Ieve1 of their business model, from management to manufacturing, has
put Landscape Structures at the forefront of environmentally responsible business processes.
• Established company recipient is Great River Energy -Maple Grove-based Great River Energy is a member-
owned, nonprofit organization dedicated to providing wholesale power to distribution cooperatives across
Minnesota and Wisconsin. Sustainability and environmentally sound practices are a focus of the organization,
incorporating renewable energy and reduced carbon emissions into their daily business-operations model.
Additionally, it has built an atmosphere of environmentally aware practices as its headquarters offices aze
progressively green. From an on-site wind turbine for renewable energy to rainwater collection for use in
bathrooms, Great River Energy is saving money, increasing employee productivity and preserving the
environment in many ways.
INNOVATIVE COLLABORATION AWARD
The Innovative Collaboration Award honors abusiness/community higher-ed/K-12 collaboration or partnership that
has demonstrated leadership, dedication and excellence in delivering an innovation to the Minnesota technology
economy and/or community in general.
. Innovative Collaboration of the Year Award recipient is The Bakken Museum of Minneapolis. The Bakken
Museum has teamed up with Minneapolis Public Schools to answer the increasing demand for new talent in
science- and technology-related fields. The School Partnership Program is designed to support elementary-age
students, specifically girls, racial minorities and underprivileged students, in developing science-related skills
and interests. So far, the program has served over 900 students in multiple schools.
INNOVATION IN TEACHING (K-12) AWARD
The Innovation in Teaching Award recognizes innovative classroom use of technology in K-12 Science, Technology,
Engineering and Math (STEM) education, expanding opportunities for students to be successful in technology-related
careers.
• Innovation in Teaching Award recipient is Jill Johnson of Patrick Henry High School in Minneapolis. Jill
Johnson's engineering classes are part of Project Lead the Way, an integrated program designed to increase
STEM education for middle and high school students. She works with students to develop a plan for after high
school by applying for engineering scholazships or earning early college credit in engineering courses. In
addition to the Tekne trophy, the award recipient will receive a $5,000 grant for classroom use from the Society
of Manufacturing Engineers Education Foundation.
The 2008 Tekne Awards are made possible by the generous support of its sponsors:
^ Platinum: Oppenheimer Wolff & Donnelly, Thomson Reuters, Unisys
^ Innovation Toast: Ion Corporation
^ Gold: Comcast Business Services, Ecolab, Honeywell, Padilla Speer Beardsley,
^ Media: Twin Cities Business
^ Silver: Cargill, Carver Moquist & O'Connor LLC, Digital Solutions, Fish & Richardson, KPMG,
PricewaterhouseCoopers, Robins, Kaplan, Miller & Ciresi, L.L.P, Stazkey
• Gold Foundation: ADC, Ion Corporation
^ Silver Foundation: Minnesota Computers for Schools
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Minnesota Tekne Awards
300 South Highway 169, Suite 400. Minneapolis, MN 55426
Phone: (952) 230-4554 Fax: (952) 230-4550, info@tekneawards.org
http://www.tekneawards.org/ 11/5/2008